Easier said than done? No, says Christen Garb, Hyatt's VP of RM, its just about getting your pricing staples right from the outset. Four recommendations: - Understand your market: It is important to understand who your competitors are and how they are pricing themselves in your market. This can be achieved by using rate shopping tools like RateTiger, Rate360 from Travel Click, RateGain and the list goes on. - Position yourself carefully: You don’t have to undercut competitors completely. Instead define what value your hotel offers versus the value your competitors offer and position accordingly. - Measure, measure, measure: All the big chains are using market segmentation reporting tools but some of the smaller ones or independent hotels may not be. - Code every rate to a market segment: Garb cannot stress enough that “if you are you are coding every rate that ever gets booked into your hotel to a specific market segment, then you will be able to track the percentage of my rack market segment against my hotel”. Get the full story at EyeForTravel